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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order amends section 207(4) of the Finance Act 2004 to reduce the authorised surplus payments charge from 35% to 25%. This reduces the charge to income tax which is imposed when an authorised surplus payment is made to a sponsoring employer by an occupational pension scheme that is a registered pension scheme.

A Tax Information and Impact Note covering this instrument is published on the website at www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.